Guangdong’s actual utilization of foreign investment in manufacturing reached a new high

In 2023, Guangdong's actual utilization of foreign investment in the manufacturing industry reached 49.22 billion yuan, a year-on-year increase of 11.7 percent, accounting for 30.9 percent of the province's total actual foreign investment and reaching a nearly five-year high, Zhang Jinsong, Director-General of the Guangdong Provincial Department of Commerce, said at the first press conference of the second session of the 14th Guangdong Provincial People's Congress on January 23.

Zhang revealed that last year, the province established 1,078 new manufacturing foreign-invested enterprises, a year-on-year increase of 29.9 percent.

According to Zhang, foreign investment in high-tech manufacturing has increased. Last year, the high-tech manufacturing industry attracted 25.09 billion yuan in foreign investment, a year-on-year increase of 40.5 percent, accounting for 51 percent of foreign investment in the manufacturing industry. Among various sectors, actual foreign investment in ultra-HD video display, precision instruments and equipment, and semiconductors and integrated circuits saw significant growth. In addition, several high-level foreign-funded research and development centers in the manufacturing industry, such as ZF South China Research and Development Center and Apple's Greater Bay Area Innovation Center, have settled in Guangdong, bringing the cumulative number of foreign-funded research and development centers to 403.

According to Zhang, the actual investment in Guangdong's manufacturing industry from the developed countries such as the United States, Japan, the Republic of Korea, and Europe reached 12.89 billion yuan, a year-on-year increase of 51.7 percent.

At the same time, large-scale projects are accelerating implementation. Zhang mentioned that the construction of the China National Offshore Oil Corporation-Shell Phase III project, with an investment of over 50 billion yuan, has commenced. Foreign-funded manufacturing projects such as BASF, ExxonMobil, and Hyundai Hydrogen Fuel Cells are also progressing rapidly, with actual utilization of foreign investment reaching 6.06 billion USD.

Source | cnbayarea.org.cn & GDToday